U.S. Unemployment Dips a Bit to 7.7% (Bureau of Labor Statistics)
The U.S. non-farm unemployment rate edged down to 7.7% in November, compared to 7.9% in October and 7.8% in September, while the number of unemployed persons stayed roughly the same at 12.0 million, the Bureau of Labor & Statistics reported this morning. Among the major worker groups, the unemployment rates showed little or no change in November by hitting 7.2% for adult men, 7.0% for adult women, 23.5% for teenagers, 5.8% for whites, 10.0% for Hispanics. But the agency significantly reduced the previously reported numbers for total non-farm payroll employment for October from +171,000 to +138,000 and for September from +148,000 to +132,000. In addition, Hurricane Sandy did not “substantively impact” the national employment and unemployment estimates for November, the agency found. But the true impact of the storm on the Northeast will be better shown on Dec. 21 when the department releases regional and state employment numbers.
Brazilian Economists go “Oh-Fer” November (Bloomberg)
For the third month in a row, Brazil’s inflation rate accelerated. Even more concerning for investors, not a single economist accurately forecast the country’s inflation rate. Despite what appears to be a humorous situation on the surface, there could be very serious consequences down the road. That’s because government stimulus packages are based, in part, upon the real inflation rate. When inflation cannot be predicted accurately, it could create government indecision. But that may not be the worst thing in the world.
Zynga Goes All in on Nevada Gaming License Application (USAToday.com)
Online gaming site Zynga (ZNGA) filed an application for a U.S. gambling license with the Nevada Gaming Control Board. Unfortunately for the struggling company, approval of its application could take up to 18 months. For a company that lost $52.7 million in revenue in Q3, such a delay could mean the company craps out before gaining the license. However, should Zynga become the first legal online U.S. site for virtual table games such as poker and blackjack, the company could end up with a payout.